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US Producer Prices Fall for First Time Since Early in Pandemic

  • Producer price index fell 0.5% in July from a month earlier
  • Decline reflected drop in energy prices; services moderate
Bloomberg business news
US Producer Prices Cool More Than Expected
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A key measure of US producer prices unexpectedly fell in July for the first time in more than two years, largely reflecting a drop in energy costs and representing a welcome moderation in inflationary pressures.

The producer price index for final demand decreased 0.5% from a month earlier and rose 9.8% from a year ago, Labor Department data showed Thursday. The pullback was due to a decline in the costs of goods, though services prices only edged up.